SkyCity has discussed potentially selling over 3,000 carpark spaces to local or overseas operators to generate funds to expand hotel development with the company looking towards Queenstown. Graeme Stephens, SkyCity Entertainment Group chief executive, announced to more than 200 shareholders at the AGM that the company is holding a focus on expanding and selling carparks to help achieve this.
With 1,960 parks under the SkyCity hotel and casino and 1,327 under construction beneath the NZ International Convention Centre site, the company possess control of 3,287 parks in total. Previously, carparks that have been sold in Auckland have gone for over $200,000 each, meaning SkyCity’s spaces are potentially worth $300 million or more.
“We think we have better return opportunities with the potential of a new hotel. It’s absolutely mission critical we don’t lose any access to the car parks,” said Rob Campbell, SkyCity chairman, addressing shareholders concerned about access.